Chime PR profits climb 11% in 2013

Chime Communications has reported increased PR profits in 2013, with its headline operating income topping £20 million, or about $33 million.

Chime chief executive Christopher Satterthwaite
Chime chief executive Christopher Satterthwaite

LONDON: Chime Communications has reported increased PR profits in 2013, with its headline operating income topping £20 million, or about $33 million.

The group as a whole was hit as expected by the lack of business for its sports and entertainment division, compared with the landmark year of 2012. 

However, growth in all its other divisions, including healthcare communications, helped to offset a 36% fall in the sports and entertainment division’s operating profit.

The PR division includes various businesses in the Good Relations Group but not healthcare PR agency Reynolds-MacKenzie or sports PR interests such as Fast Track.

The division reported a 14% like-for-like increase in annual operating income to £20.8 million (about $34.5 million) and an 11% like-for-like increase in operating profit to £2.1 million (about $3.5 million).

Its 2013 growth followed the July 2012 management buyout from Chime of Bell Pottinger for £19.6 million, though Chime retained a 25% stake.

The operating profit margin at Chime’s PR division dropped from 10.4% to 10%, which Chime attributed to investment in improving the senior management. Good Relations Group’s hires in 2013 included CEO Jackie Brock-Doyle, as well as a number of others.

The division was hit by the loss of BlackBerry as a client last year, but new business wins included B&Q, Waitrose, and Jaguar Land Rover. 

Chime chief executive Christopher Satterthwaite told PRWeek UK that he was "very happy with 11% growth" in Good Relations Group, which he described as "a work in progress."

Satterthwaite also disclosed that Reynolds-MacKenzie had achieved growth of "well over 20%" in operating income and operating profit.

This helped the larger healthcare communications division to a 30% like-for-like increase in operating income to £18.4 million (about $30.5 million) and a 24% like-for-like increase in operating profit to £3.9 million (approximately $6.5 million).

This story originally appeared on the website of PRWeek UK.

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